The Washington Post Says Tens of Millions of Workers Will Have to Suffer for Years Longer Because of the Policies It Promoted
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Saturday, 28 August 2010 07:51 |
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The Washington Post's lead editorial told readers that there is not much the Fed or anyone else can do to get us out of an economic situation with near double-digit unemployment. It concludes its piece with a vague set of policy recommendations that include "education, tax reform and entitlement reform."
This is pretty much the same agenda that the Post was pushing back in 2002-2007 when others were warning about the dangers of the housing bubble. The Post had no room on its news or opinion pages for these warnings. It seems that it still doesn't. Its policy prescriptions are remarkably impervious to evidence or changed circumstances.
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For example, bombing Iran would be an economic godsend, providing the spending boost necessary to get the economy back on track with no help necessary from the Fed, except to keep the lid on interest rates.
At a basic level, Cheney and Krugman actually agree. Because deficits don't matter, they do matter when closing the output gap. Since more targeted stimulus spending is off the table, start another war instead.
Besides, the generals are very worried about justifying their entitlement programs under the cuts by Gates, and Glenn Beck won't get to play one on TV without their help.